Tag: OPEC

An Iranian lawmaker said the real oil price is more than $70 per barrel, and urged the OPEC’s member states to agree on adopting an effective strategy in their upcoming meeting in Vienna to raise the crude value by preserving the balance in oil production.

Energy experts believe that Iran need to increase its cooperation with major oil companies if it wants to take better advantage of its recent victory in the Organization of Petroleum Exporting Countries (OPEC) summit.

Russia will seek discussions at a planned meeting with OPEC on Saturday about how the group will fully comply with production cuts, following an increase in its November oil output, said a government official.

Iranian President Hassan Rouhani called for continued consultations and closer cooperation among the member states of the Organization of the Petroleum Exporting Countries (OPEC) to stabilise the oil market.

Reuters has quoted an unnamed source as saying that the Iranian President Hassan Rouhani and Oil Minister Bijan Namdar Zanganeh met with Iran’s Leader Ayatollah Khamenei to get his approval before the recent historic OPEC agreement.

Iran’s media have hailed what is seen at home as the country’s “victory” in multiple-month negotiations with rivals and allies at the Organization of the Petroleum Exporting Countries (OPEC) over a proposed plan to reduce production and boost the prices.

Members of Organization of Petroleum Exporting Countries (OPEC) are close to a deal based on which all member states, including Iran, Saudi Arabia, and Iraq are obliged to cut up to 4.5 percent of their oil output.